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're 42 days from running off the so-called fiscal cliff. yesterday as you heard, rush limbaugh came down hard against raising taxes to solve this problem. he lamented the gop infighting whether to let the bush tax cuts expire on the richest americansp during a speech yesterday, federal reserve chairman ben bernanke who coined the term fiscal cliff warned of dire consequences if congress doesn't get their act together. >> spending cuts that make up the fiscal cliff absent offsetting changes would pose a substantial threat recovery. by the reckoning of the congressional budget office, the cbo, and that of many outside observers a fiscal shock of that size would send the economy toppling back into recession. >> let's translate that. according to the congressional budget office, falling off the cliff would cut the deficit but stop economic recovery in its tracks. now presidents in both parties usually try to put money in people's pocketses to stimulate the economy. president bush sent taxpayers a refund check while obama has cut payroll taxes. p falling off the cliff is a reversal of that ap
to the wire the fiscal cliff story will receive 1/10 theed my ya attention as the scandalous saga of dave and paula and john and jill. joining us now here the washington is jane hall. bob cusack, managing editor of the capital nooup the hill. and amy argetsinger. why has it become synonymous with bore dom? >> well, there's no sex with it. that's the bottom line. this story is wild. the petraeus story has gone in a lot of different directions. first he resigns. then we find out why. then we find out about the other woman. the inappropriate e-mails. >> you're saying that barack obama meeting with john boehner and mitch mcconnell doesn't quite get readers as excited? >> not as titillating. >> this is what the election was fought over and yet i have the impression that a lot of the country is yawning but really many of the journalists covering the story are oning. >> there's a story about low how the mighty are falling. privacy, security, while covering the sex. >> are you suggesting that the bigger issues are actually a bit of a shall we say figure lea le? there are bigger issues there but t
at the same time that the fiscal cliff jump would send us right back into one. conundrum, paradox? how can it be? a couple of reasons. first is what really matters. number one asset, her house, and that house price is going higher as we found out from the 3% gain in home prices reported by the case-shiller survey this morning. you get the property values up and you get a consumer who feels that all is not lost. 14,000 may be transitioning from the hole in their house to being in the black again. that could be driving this whole confidence locomotive. >> all aboard. >> it is the single biggest variable that has changed in the last year. the last time we worked the consumer confidence level, it was in february of 2008. home prices were beginning their traumatic fall. we could be having a developing home shortage. also explains the endless buy on the home goods stocks. more important, these housing price increases have to be considered tectonic when it comes to the positive psyche of the homeowners, which might explain the consumer confidence in the face of the fiscal cliff. perhaps the major
to make a down payment on the debt to make a down payment on the fiscal cliff, to give some predictability as to how we'll work our way out of the current budget stalemate so the market knows at least we're working together in a positive way. i don't believe we can get everything done in the next three to four weeks but i think we can make significant progress, avoid the across the board cuts, the so-called sequestration and give a blueprint on how we can work together with our political challenges. >> politico has a story, in their words, the absence of any significant concessions in what they're calling sort of an opener, an opening proposal from the gop at the table. nobody knows how serious -- how weighty their sources are, but should the market be worried about that? >> i think we have to wait to see how the specifics come down. it's a short period of time. we'll know in the next two weeks. seems to me from the republican point of view, they've already acknowledged that we need more revenues. the question is, how do we get there? there are different ways we can get the revenues we nee
. then is the looming fiscal cliff casting a shadow over shoppers and investors this holiday season? visions of bargains are dancing in the heads of consumers. will the possibility of higher attackses slow them down. we'll talk with matthew shay, president of the national retail federation and john sweeney of fidelity investments. the holiday is over for white house and congressional leaders trying to make a deal. we'll ask our sunday panel if they can reach a compromise. >>> a thanksgiving tradition, our power player of the week has me dancing with turkeys, all right now on "fox news sunday." >> chris: hello again from fox news in washington. on this holiday weekend we're watching several major foreign policy developments from egypt to gaza to the continuing converse over the benghazi attack. to talk about it all is senator john mccain. welcome back to "fox news sunday." >> thank you. dancing with turkeys? >> chris: you'll have to wait until the end of the show to see. >> that's what we're doing now. >> chris: let's start with egypt where president morsi granted himself unchecked powers and sent thousa
need a framework for a solution, we need a down payment on it to avoid the fiscal cliff, and then after the new congress comes in, we address a compromise of long-term solutions. >> everyone seems to want to focus on the tax hikes first and talk about spending cuts later. will that work? >> no. you really have to -- we can't keep kicking the can down the road. we have to have more certainty for business. we want to get the economy going. we want to create jobs in the country. we want to preserve a prosperous united states for the next generation. i'm here speaking as an american, not simply as a ceo. if you care about your country, we have to stop kicking the can down the road and have more certainty and a framework that embraces both expense because you're going to reduce expenses by $3 for every dollar of revenue you raise if you embrace a bowles/simpson type solution. >> but that's optimistic. they're now talking one to one. it seems like people have even given up on that number. >> i don't believe they've given up on that number. our president during the election, he himself embrace
cliff. >>> and if you are commuting, we have a foggy start to the workweek as drivers are slowing down. bay area bridges are bogged down. >> that's the problem this morning, it's foggy. it's chilly, it's wet. it's cold. it will be sunny later in the day and will turn wet later in the week. details ahead. this has to be affecting traffic. >>> yeah, and you can see it this morning. a lot of traffic cameras showing no big accidents but this is downtown san francisco, that fog blanketing downtown. a full look at your monday morning drive mi
stand tall. if we go over the fiscal cliff, let's do it. no sense kicking the can down the line. lou: did you ever see that movie , dr. strange love and slim pickens? he gets on the bomb and they're dropping it over the soviet union. he hopped. toyota tell. anyway. we are sure union members would agree that raising middle-class taxes by $2,000 per year is not a perfect solution. also raising taxes on the top 2% covers just a little over eight days a federal government expenses, but that is okay. good news for new york city in the midst of all of this. not a single person was reported shot, stabbed or slashed. police officials said they cannot remember the last time that happened. the murder rate is been so low in new york city at the city is on track to record 00 murders this year. the fewest in half a century. a sharp contrast of the foreigners 62 murders so far in chicago. one-third the size of new york. the math is pretty straightforward. and the hits just keep coming for the environmental protection agency. temporarily banning the oil giant from bidding on new contracts with the
in february back in 2009. but that didn't offset worries about the "fiscal cliff." little progress being made on capitol hill and the dow reacted down 89. nasdaq down 9. s&p down 7. >>> thieves know you have already started your holiday shopping. now all they have to do is wait for your packages to be delivered. cbs 5 consumerwatch reporter julie watts on ways to protect your doorstep deliveries. >>> reporter: you could call her the grinch who stole christmas. a brazen robber swiping a delivery from a front porch unabair she was on camera. >> i think it's opportunity. >> reporter: this officer says so-called porch pirating rises dramatically this time of year because there are so many deliveries and packages are easy pickings. >> they may actually be driving around neighborhoods and looking for packages and seeing whatever they see on the porches. >> reporter: but there are many options to protect your packages this holiday season. the old standards have them delivered to your work or neighbor who is home during the day, or take advantage of theft preventing delivery options like signature re
down the road, one, we go over the fiscal cliff, one, we reach the agreement. in watching the posturing and campaigning that both sides are putting out there trying to firm up their stance and firm up public support for their stance, i almost wonder if they are doing a disservice to all of this by driving people further apart. i now hear about some of the democrats who say they don't want any entitlement programs to be brought into part of this. and i wonder if all this campaigning is going to make it more difficult for the president and john boehner to bring their wings of the parties back in for any sort of a deal. because it seems like both sides are getting their back up at this point. >> well, i don't think it's making it more difficult, becky. i think what happens is at the beginning of a negotiation, everybody is sort of staking out their positions and their demands. you know, the demand by democrats, for example, that social security and medicare not be part of this discussion, that's not a sustainable demand. everybody knows that entitlement programs, the president has said so,
industrial average down 65 points, warren buffet weighing in on the fiscal cliff, he says it is not affecting his long- term investment decisions. >>> new video to show you this morning, a fire in pacifica and this one started 5:30 this morning. the authorities say it was a one-alarm fire and luckily nobody was hurt. >>> an arrangement was set for atingle teem boy -- teenage boy. they robbed several businesses and killed a man during a carjacking and fired shots at police. yesterday the district attorney announced the boy will be tried as an adult but he is not eligible for the death penalty. >>> the second inauguration will be on january 21st. and that's because for the 7th time in history the swearing in date falls on a sunday but president barack obama will privately take the inauguration in the white house and then the following one will be in front of everybody. >>> it is called bay light and it will be decorated featuring ever changing pat answer. it is tee signed pie this institution and will stay up for two years. >>> the weather is affecting everything including the flights at fso. >
for washington to come up with a solution to the fiscal cliff, another group of folks expected to meet -- expecting to get hit hard. i'm talking about college savers. my next guest sa many families will be worse off next year compared to this year. here to explain, founder an publisher of stayed. welcome back to the show. always great to have you. let's start with this idea. what is the fisc cliff? what is it going to do if we take the budget cuts to college studts aids? >> well, in two ways. the sequestration will cut all student aid but the pell grant by percent across the board. the pell grant sheltered in 2013. come 2014 and also will be cut automatically by 8%. american opporunity tax credit expires the end of 2012 as well. gerri: it sounds like -- and here is your number right here. the fiscal cliff hits it could result in a percent cut in federal student aid. clearly people are going to seek higher costs for college. how can a company that if they have to do it on their own diond cannot borrow money? >> they need to say before college. every dollar you save is a dollar less you
, each time that washington lawmakers of any sort makmay commentary pertaining toe fiscal cliff is a market moving event. john boehner being optimistic a deal can be reached. the dow jones industrial now off 30 points having been down more than triple digits, down 113 points so a complete turnaround. it shows to the worries wall street and americans have. back to you. dagen: 2012 on record to be one of the hottest 10 years in history. major shrinking of the sealand to the record temperatures, the findings released at international climate talks, and blamed it on far-reaching climate changes. mitt romney finally gets to go to the white house. not the way he imagined, of course. reporting governor romney will have a private lunch with president obama tomorrow. this'll be the first meeting for mr. romney and the president since the election. connell: all the mayhem over the power ball deal, we will hear why so many people may just be throwing their money away. dagen: the newest smart phone. is it flying off of store shelves? $100 with a contract. is it even worth that? walt mossber
. >>> plus, fiscal cliff diving. the countdown to the new year is counting down to economic disaster. what will it take to reach a compromise and pull the country back from the edge before january 1st. >>> the holiday season kicking into gear. we'll take you all around the country. meantime, relative calm between israel and gaza following the cease fire did not last very long. today a clash at the poirder left one palestinian dead and 15 wounded. as usual, we are hearing two different versions of this cease fire version. we have two reporters there. aman, i'll begin with you. what are they saying about the glash at the gaza border today? >> they're saying that the palestinians, 300 of them approached the israel/gaza border on the palestinian side of it. they went there to access their farm land. that area is considered mostly essentially farm land for those families. a lot of people earn their livelihoods from there. they were going there to protest and demand that they have the right to go as far up to the border as possible. the reason why is because over the years israel has imposed a n
? >> well, yes. good afternoon. yeah, without question there's a lot of discussion about the fiscal cliff and the problem for investors is they don't get the opportunity to kick the can down the road like the politicians do. for investors on the backside of the tax mountain there is income cliff. it comes both on capital gains side and dividend side as you've been talking about. ashley: eric, investors are starved for income. what can you do? you can't sell dividend stocks because of higher tax rates around the corner, right? >> by no means you don't want to dump your dividend stocks. for many years investors were lulled into the fact not thinking about too much after tax returns because investments have enjoyed very good and very positive low tax rates but going forward investors will have to be thinking not necessarily about what they make but about what they keee. and so for dividends and investors have been looking into dividends as another source of income, by no means do you want to get rid of those. like we talk time and time again about diversifying assets, investors more and more
like investors have bigger fish to fry. known as the fiscal cliff. the dow is down about 11 points. there's still a lot of worry about how these talks on coming up with a deal on the fiscal cliff, how the talks will go. carol? >> alison kosik live from the new york stock exchange. >>> representative-elect alan grayson has been standing with protesting walmart workers. when he delivered bagged meals on to see walmart on thanksgiving, walmart called the cops. we'll talk that and the ongoing protests next. and one wedding, 2 kids, 43 bottles of olay total effects many birthdays later, still looks amazing. thanks to the trusted performance of olay. do you really think brushing is enough to keep it clean? while brushing misses germs in 75% of your mouth, listerine® cleans virtually your entire mouth. so take your oral health to a whole new level. listerine®... power to your mouth™. of green giant vegetables it's easy to eat like a giant... ♪ and feel like a green giant. ♪ ho ho ho ♪ green giant ho ho ho sfx- "sounds of african drum and flute" look who's back. again? it's embar
on the fiscal cliff top.alk. the dow closed down 89 points today. senate majority harry reed expressed frustration about the negotiations. both the nasdaq and the s&p 500 posted losses. >> we just keep getting more and more news the good news on housing. >> it's interesting 2012 was a good year for housing. the key sailer home index went up 3% again. it is nice to see. we are back to 2003 levels of where homes were. 18 out of 20 cities were up for the year. only one down, chicago. americans of bank on homes. it literally is a payback for a lot of families. to see the recovery it is good and helps our economy. if you have a home you tend to go to so go to retail stores and supply it with goodies. >> it looks like rent is going up again. >> yes that is really bad news. the people that have the highest unemployment have the highest hits and rent. it is going up another 4% in the bay area. it was going up as much as 15 to 17%. it is a slowdown for the bay area. it is a landlord market. i would not want to be a renter right now. mortgage rates are so incredibly well so is a good time to be
today and began by asking whether republicans will accept higher tax rates to avoid the fiscal cliff. >> well, one thing to look at is what happened two years ago, when you had the exact same situation. two years ago, you had a republican congress coming in, the democratic senate and the democratic president. that's exactly what you have today. two years ago, obama looked at the economy and said the economy is so bad, we should extend all of the tax rates and have not a tax increase. the economy is not any better than two years ago. one of the resting places might be to extend it out six months, a year, two years, four years, and focus on other things because there is not an agreement here. >> but republicans and speakers have already put tax revenue on the table. does that make the pledge not to raise taxes now meaningless? >> what he said was that he supports the idea of revenue have economic growth and tax reform as part of getting revenue for the government. we need to do that. revenue today is at an all-time low because the economy is so bad. we have 10 million fewer people work
back to work hammering out a deal to avert the fiscal cliff. grover norquist heads up americans for tax reform. he's is known in washington as a powerful force in the republican party and a strong voice against tax increases. darren gersh sat down with him today and began by asking whether republicans will accept higher tax rates to avoid the fiscal cliff. >> well, one thing to look at is what happened two years ago, when you had the exact same situation. two years ago, you had a republican congress coming in, the democratic senate and the democratic president. that's exactly what you have today. two years ago, obama looked at the economy and said the economy is so bad, we should extend all of the tax rates and have not a tax increase. the economy is not any better than two years ago. one of the resting places might be to extend it out six months, a year, two years, four years, and focus on other things because there is not an agreement here. >> but republicans and speakers have already put tax revenue on the table. does that make the pledge not to raise taxes now meaningless? >> what h
for capital gains. companies trying to get a jump on the fiscal cliff. details and the oracle of all my speaking out on tax policy. next, i'll break down why warren buffett is just plain wrong. ♪ gerri: warren buffett is getting a lot of attention this week for his comments on the fiscal cliff . basically, the investing mobil says it rich people, that is people like him, should pay more in taxes. it sounds magnanimous. i believe the case he builds for higher taxes, well, the reasoning as a big hole in it. here is why. the contention that rich people will stop hiring is nonsense. we already know that more than a million americans to employ people and paying there taxes through there individual income-tax. according to the heritage foundation, the amount their taxes would rise would be equivalent to one employee salary. one person there would not hire. we will what is more, rinsed and young says these tax hikes would kill 710,000 jobs. buffett also says that rich people will stop investing. again, nonsense. when you tax something usually get less of it, like cigarette taxes to curb smok
is that really our future? my guest six down with next. lou: six weeks we tours we hit the fiscal cliff the debt problems are of a if exacerbating problems of zero growth. joining us now executive chairman of bright part news , as steve bannon. how list by bart.com doing? >> excellent. we launched a new site right before andrew passed away with technology and new content almost 80,000 page views per month. we put content up everyday and these guys are on fire. lou: ben bernanke talking about a new normal that we would have a stubborn loss of skills, high unemployment , the zero growth, what is your reaction? >> they say this is the bernanke's side. look at chris or dirty but other money managers talk about historical growth rates of 4% that are baked into the obama budget are of the past. talk about the demographic wall, the low birthrate we will be less than 1% growth look at the economic crisis on top of a fiscal crisis. lou: the idea this country can sustain zero growth, high unemployment, it is not in our national day -- dna. i set my hat to whether bernanke or whoever that is not the way th
will be reached that will somewhat satisfy all sides. the market is falling again on the "fiscal cliff" word. let's look at the numbers. dow down 67 points. nasdaq down by 22. s&p losing 9. apple shares giving up 1.5% this morning. back to you guys. >> thank you. , kcbs moneywatch reporter jason brooks. >>> time for a look at what's coming up later on "cbs this morning." >> norah o'donnell joins us live from washington, d.c. in the capital with more on the big show. good morning. >> reporter: that's right. good morning, frank and michelle. we are here in washington where you'll hear from supreme court justice scalia. the postmaster general, and senator amy klobuchar who is part of a record number of women now in the united states senate. plus a future free of household chores. we'll take you inside the bay area robot lab trying to make that happen. and how would the powerball jackpot change your life? we'll check in with a couple who won more than $200 million earlier this year when we see you right at 7:00. >> a whole lot of change. i could get used it that. >> thank you, norah o'donnell. the bi
are wiping -- are winding down. >>> president obama still avoiding the plan to avoid the fiscal cliff. [ crickets chirping ] [ traffic passing ] ♪ [ music box: lullaby ] [ man on tv, indistinct ] ♪ [ lullaby continues ] [ baby coos ] [ man announcing ] millions are still exposed to the dangers... of secondhand smoke... and some of them can't do anything about it. ♪ [ continues ] [ gasping ] >>> the cold front arriving. wind, not too bad. but about 30, 40 miles an hour. the rain picking up. no doubt about it. all the way up from mendocino. we'll have morning rain and then turning showery this afternoon. >>> president obama is under fire for not doing enough personal negotiating with congress over ways to avoid the fiscal cliff. instead, as alison burns reports, he's once again, taking his pitch to the public. >> reporter: that's right, tori. instead of negotiating directly with republicans, president obama's schedule includes more public outreach. he will be speaking in 15 minutes from the white house. the headline on the official website asks for public feedback and the obama we
? >> a lot to resolve at that hearing. >>> we're counting down to the fiscal cliff. over a month to go before everyone's taxes go up. both sides set to meet with business leaders this week. the company will take his campaign on the road, too, as more republicans appear willing to bend on their no new taxes pledge. jon karl is in washington. even though the president has been calling congressional leaders, they haven't made enough progress for another face-to-face negotiation. >> reporter: there's no face-to-face meeting even scheduled now between the president and congressional leaders. but i can tell you that high-level talks with staff are intensifying, with time running out. and republicans are expressing a newfound willingness to compromise on that long-standing republican pledge never to raise taxes. >> the pledge was designed -- >> reporter: meet the anti-tax enforcer. the man behind the pledge. grover norquist. >> republicans who vote for a tax increase are rat heads in a coke bottle. they damage the brand for everyone else. >> reporter: ronald reagan was part of the first pledge. and
. melissa: the days are flying by. have you noticed that there is no solution in sight for the fiscal cliff? i am getting nervous here. a sticking point of what taxpayers ought to pay. the patriotic millionaires have questions about that. raising taxes won't slow down business growth. in fact, they went to the white house and asks whether taxes to go up. david is one of those offering to pay more. thank you so much for coming on the show. why do you want to pay more taxes? >> well, i don't want to pay more taxes. i don't think anybody wants here. i'm part of a group called the patriotic millionaires and we are all willing to pay more taxes. so it's clear that all of us, the whole country is in a position where all of us individuals, the working people, the wealthy people, corporations, all of us together have to pay for all of the spending that we have done over the last 12 years. >> why don't we cut spending? why don't we start with something that senator coburn announced today. there is so much that can be saved by cutting nondefense spending, things like a smartphone application. it thes
a fiscal cliff. a very big issue. one of the things that might come about of washington is maybe what we do is take away the mortgage deduction. is that a threat to the market? >> suddenly the fiscal cliff is the number one threat to the market. forget to recession, we are back into housing market crisis, no doubt about it. by the way, if we don't solve the fiscal problems going forward, we have an interest rates by kenaf future. so out. gerri: we cannot win for rying. >> exactly 56 can't win either way. other people talk about the possibility of another recession . i guess you could call it a double dip. it does not feel like we ever get out of the last. do you see recession as a big threat to the housing market? >> not if that this booklet is handled properly. if we have a huge set of government spending cuts and tax increases, certainly a recession would be a problem for the housing arket. on the other hand to mouth we have to be careful not to trade one set of tax hikes for another. you mentiod mortgage interest reduction. a huge mistake to limit the mortgage interest deduction upon whe
down the fiscal cliff in exactly five weeks. take a look at the time line, triggering painful spending cuts and tax hikes. several leading republicans signaling that they're willing to break their new tax hike pledge to get a spending deal passed in time. but when the lame duck senate returned yesterday, it sure sounded like politics as usual. >> the senate has spoken. president obama has spoken. he's promised he will not sign any bill that mortgages our future to pay for handouts to the wealthiest 2% of americans. i only hope house republicans have been listening. >> we've been responsible, even as we've remained firm on this point. no tax increases now for promised spending cuts that won't materialize later. >> cnn's political director mark preston is live from washington this morning. good morning to you, mark. so the house gets back in session today. and so far there are no talks scheduled between top republicans and the president. >> that's true, zoraida. we haven't seen the president and congressional leaders actually meet since november 16th when they all went down to the white
today and he was facing the fiscal cliff, what do you think he would do? >> remember what he did in 86? he sat down with tip o'neill. they agreed that they could have very substantial reduction in tax rates across the board but particularly middle and high income tax rates and offset that base broadening. the result of that was taking the top rate down from 50% to 20%. the impact of bad was to have a significant increase in taxable income. people choosing to take more of their compensation in the form of taxable income and cutting back on tir tax expenditures andeductions and exclusions in working order. so i think that is what ronald reagan would do if he were here now. >> leadership will be key to all this. thank you so much for coming on the show today. >> it's wonderfuto be with you. melissa: cheryl: merrie schapiro is stepping down. she helped lead the government and regulatory response to the 2008 financial crisis and took over after the sec failed to detect the bernie madoff ponzi scheme. her last day will be december 14. it was an exit that many saw coming. the one i recently t
two opposing views on how to avert the so-called fiscal cliff from representatives tom price and keith ellison. >> brown: then, president obama sat down with mexico's president-elect, enrique pena nieto, this afternoon. one topic for them and for us tonight: the war on drugs, on both sides of the border. >> suarez: as lawmakers talk of reducing the country's debt, paul solman offers a history lesson on centuries of federal borrowing. >> the united states was going into default. we defaulted on many obligations to foreign creditors and to our own soldiers. >> brown: plus, every month, 1,000 young americans are infected with h.i.v., and most of those with the disease don't even know they have it. hari sreenivasan looks at a new report from the c.d.c. that's all ahead on tonight's newshour. major funding for the pbs newshour has been provided by: moving our economy for 160 years. bnsf, the engine that connects us. and by the alfred p. sloan foundation. supporting science, technology, and improved economic performance and financial literacy in the 21st century. and with the ongoi
solve the fiscal cliff and not kick the can down the road, there's an opportunity for a boost of confidence and an opportunity over the next couple years -- >> you didn't mention anything about the economy side. >> it has to be balanced. we have to see additional cuts in mandatory spending. yes. clear about that. yes. we also need to see new revenue. so we had about $1.5 trillion enacted through the budget control act of 2011. we should do another half trillion on the spending side meaning entitlements and an additional like amount on the revenue side. add those two together -- >> one for one. simpson-bowles is three for one. >> you add interest savings. you have 1 for 1. $4 trillion package. >> does that work for you, ed? >> i think there are two things to remember. first of all, the short run problem fiscal cliff is a tax problem not primarily a spending problem. so in terms of the long-term problem, the long-term problem is not a tax problem. that's a spending problem. we have really two things going on at the same time. i think what we have to remember is that -- i agree w
the hang seng fell 135. >>> so a lack of progress on fiscal cliff talks stalled stocks yesterday so today we'll have to see what happens when goldman sacks ceo lloyd blankfein, comcast ceo brian roberts of this network's parent company, and yahoo chief marissa myer join other corporate execs at a white house budget meeting with the president. >>> on the streets, new home sales data and the feds beige book survey will be released. >>> the best consumer confidence reading in nearly five years took investors by surprise yesterday. >>> after hours green mountain coffee perked up more than 20% thanks to sharply higher than expected earnings. >>> elsewhere, monster beverage got a boost from news that the fda is taking a closer look at the health effects of energy drinks. investors are betting a looming crackdown on the industry may be overblown. >>> in the wake of apple's recent apology for the failings of its mapping app, a second employee involved in its mapping operations has reportedly been fired. >>> more than 15,000 of these step 2 children's riding toys are being recalled because kids wh
for the president or could a fiscal cliff deal on top of re-election get him any political capital to flex some political muscle? >> well, i hope it was the latter. i was at the white house when the republicans took down clinton's nominee. i watched as they took down senator tower who was to become the republican secretary of defense. both parties do this unfortunately after an election. the losing party almost seeming to want some sort of sacrificial lam out there. i hope this, that what this nation most wants is to have trust once again in washington, d.c. it's a part of the program down in washington that doesn't seem to be there. while i have great respect for senator mccain who threatened to filly buster this. i couldn't have done what he did as a prisoner of war. as a fellow naval officer. i would ask him accountability for the overall public good not the party. i hope that unless he can show with firmness that there is a fact, there is some sort of issue out there that really isn't a political assertion, a partisan issue, that he is an american before he is a partisan. let's move on. ame
about the fiscal cliff, greece of combining for a market that pretty much went nowhere today. the dow jones industrials down 42. as into down treatment nasdaq rose ten. the sixth day in a row in which the nasdaq has gained. light trading on the big board. concerns about increases in taxes on dividends for the high-yield dividend stocks of late. today at&t and verizon down, both with dividend yields of just about 5%. most retailers lower on the day despite good news on the holiday shopping weekend. target and walmart among the worst -- losers. investors celebrating what some are insisting on calling cyber monday. in the treasury market, the yield on the treasury's ten year slipping slightly lower to 1% early this evening. the international monetary fund announcing it reached a deal with trees to cut its 124% of gdp by 2020. that is a big deal. with to some 30 but believe who -- with just 35 days you would think that lawmakers will be focused on solving the problems, but grover norquist has become the subject of all of the debate the washington post headline today screaming grover norqu
cliff. the senate top rbi republican says the president is back on the trail instead of sitting down with lawmakers to negotiate a settlement. the president met with small business owners to built support for the aproich. tomorrow, meeting with middle class families. the president wants higher taxes for the wealthy. and un ambassador susan rice went to capitol hill to meet with republican senators. she's high on the list to secretary of state. she's been under fire from senate republicans over the attac killed four americans, including u.s. ambassador chris stevens. today's meeting did not go well. >> we're doubled by many of the answers that we got. i'm more disturbed now than before. >> the republican senators stopped short of saying they'd block the nomination. they say they need more information and have more questions about the incident in benghazi. >> we're coming up on december to 1. that is the day mayans said the world would end. one scientist has been answering countless letters about the rumors. david morrison has a big job. >> iville lun teared to answer the questions the
in the world blames everything in the fiscal cliff but i'm not so sure. jeff, i want to get your take on these numbers. ko core capital goods. it is a recession signal if i didn't know better. i know you don't want to talk about the fiscal cliff, but that is a lot of what is weighing over what policy is going to be. regarding regulation and taxes. profits are slipping and many believe profits are going to continue to clip? the profits are or earnings clip. i'm worried. they are falling. earnings are flattening out. one of the biggest problems that i'm having is there doesn't seem to be a lot of fear or talk about it. if you look at the fear in the marketplace it is low. it tells me two things one people don't know what is going on or they are not drinking the kool-aide and feel nothing is going to happen. the earning's story is still in tact. look at what is happening in china. they are in the middle of a soft landing. by the time we get to the point where we see valuation become the story again, we could see the market again. >> i think it is a lousy way to determine the role in wash
at the white house. thanks. worries about the so-called fiscal cliff are not doing much good for our 401(k)s. stocks were down today. the dow lost almost 90. nasdaq fell 9. s & p 500 down 7. analysts say investors are concerned about whether these lawmakers will get together and reach a deal. those worries overshadowed a couple of positive developments. gerri willis is here. we got a report showing that americans are, i don't know, feeling better and so much of this is about how we feel about the economy. >> oh, yeah. that's right. investors may not like it, but consumers love it. their confidence, the highest level in many, many months. still below 90, which is really the point at which you see a really strong and robust economy. but the fact that consumer confidence has been doing so much better, it's very important. now, here is possibly a source of their optimism. 20% of consumers expect more jobs in the next six months and that would be a cause for much optimism. >> shepard: yes, it would. the fears about europe's debt crisis clearly eased a bit 'cause there is another deal to provide
-- with the keurig vue. little progress on the "fiscal cliff" talks in washington... translated to zero gains on wall street today. the dow closed the day down 89-points.. taking a sharp drop during afternoon trading after senate majority leader harry reid expressed frustration about the negotiations. both the nasdaq and s- and-p 500 also posted losses. a day after announcing they had lost wide receiver kyle williams for the year with a torn acl, the 49ers have also lost frank gore's backup kendall hunter with an ankle injury. (male announcer): now, here's stanley roberts who found people behaving badly. blog. this is not difficult to find these collection bins. they would believe that your donating things for charity. >> how are you are donating because that is what is on the box. and yes, they will word is used words like to donate but it says for profit. and the interesting thing is that they do not even know how they got here. this one and safeway has been here for a while. these are right outside of a rite aid have been out for four years. and this out of an auto repair shop showed up an
you think this has anything to do as well with the fiscal cliff and if so, why wouldn't the anxiety over that cause more buying in gold? >> i think the fiscal cliff is looming. it is kind of in the background. but the sell-off is really triggered by the put buying from yesterday. some kind of fund liquidating. >> we'll send it over to you. >>> we'll speak with a key player in the fiscal cliff negotiations, senator kent conrad from north dakota just joined me. >>> plus warren buffett saying earlier on cnbc saying under his plan he'd pay a 35% tax on all the money he earns. good move? we'll discuss it when we come back. try running four.ning a restaurant is hard, fortunately we've got ink. it gives us 5x the rewards on our internet, phone charges and cable, plus at office supply stores. rewards we put right back into our business. this is the only thing we've ever wanted to do and ink helps us do it. make your mark with ink from chase. [ engine revs ] ♪ ♪ [ male announcer ] the mercedes-benz winter event is back, with the perfect vehicle that's just right for you, no matter which
, the nikkei dropped 114, in hong kong the hang seng fell 135. so it was a lack of progress on fiscal cliff talks that stalled stocks tuesday. so today we'll have to see what happens when goldman sachs ceo lloyd blankfein, brian roberts, and marissa mayer jin other corporajoin other corporate execs at a meeting with the president. >>> the beige book survey will be released. the best consumer confidence reading in nearly five years took investors by surprise yesterday. green mountain coffee perked up more than 20%. elsewhere, monster beverage got a boost from news that the fda is taking a closer look at the health effects of energy drinks. investors are betting a looming crack down on the industry may be overblown. >>> in the wake of apple's recent apology for the failings of its mapping app, a second employee has reportedly been fired. >>> more than 15,000 of these step 2 children's riding toys are being recalled because kids who lean too far forward on the seat can go over the handle bar. >>> consumer reports is out with its third annual naughty and nice list and it was nordstrom and kohl'
over the fiscal cliff? you do have more polarization with business community. jamie dimon being the key man? >> certainly one of them. a lot of the business community is more down the middle given the two constituencies you just mentioned. >> we'll talk -- buffett had thoughts on that this morning that we'll get to in a few minutes. the case shiller home price report is out. which cities are making the fastest move to recovery? >>> also ahead, when it comes to the holiday shopping season, it appears men are the new women. we'll explain that argument. take one more look at futures here. we'll see if we get traction later on this morning when the opening bell rings in just about 16 minutes. [ male announcer ] you are a business pro. governor of getting it done. you know how to dance... with a deadline. and you...rent from national. because only national lets you choose any car in the aisle... and go. you can even take a full-size or above, and still pay the mid-size price. this is awesome. [ male announcer ] yes, it is, business pro. yes, it is. go national. go like a pro. thor gets great
-catholic charities. dow back over 13,000. futures down this morning as investors keep an eye on those fiscal cliff talks. >>> demonstrators are filling cairo's tahrir square saying they will not leave until president mohamed morsi backs down. morsi's meeting with egypt's highest judicial body after slashing its authority. they're calling his power grab an unprecedented attack. >>> for the second time in as many days a fire starts inside a bangladesh clothing factory. no one was killed in today's fire which took firefighters four hours to get under control. but on saturday, at least 117 people were killed in another fire at another factory. because of those fires, thousands of workers have taken to the streets, protesting the deaths of their colleagues. >>> israel's defense minister ehud barak is resigning. he says he's quitting politics to spend more time with his family. the announcement comes as israel tries to keep a fragile cease-fire with the palestinian militant group hamas. their eight day conflict killed more than 160 people, most of them in gaza. >>> more than one democrat is tempted to d
that is a reason why if there is no deal there could be tax hikes and spending cuts of that-fiscal cliff. >> h-p has fourth quarter losses. the tech giant saying that the tech giant says it's written down $8.8 billion of the value, autonomy.. h p paid of $11 billion for the company last year it said the company discovered is had misrepresented its finances. h-p stock has lost the building permits, hit a four year high last month with building started on an annual pace of 894,000 homes in october. sports, coming up next with tedford.. out. look at you guys with your fancy-schmancy u-verse high speed internet. you know, in my day you couldn't just start streaming six ways to sunday. you'd get knocked off. and sometimes, it took a minute to download a song. that's sixty seconds, for crying out loud. we know how long a minute is! sitting, waiting for an album to download. i still have back problems. you're only 14 and a half. he doesn't have back problems. you kids have got it too good if you ask me. [ male announcer ] now u-verse high speed internet has more speed options, reliability and ways to
it down to simply what this will entail. when we talk about the fiscal cliff, it is the expiration of legislation that will keep tax rates the way that they are and keep spending levels the way that they are right now. the reason why this is a big deal is because right now, this country is running out tremendous budget deficits. it cannot be sustained over the long term. that is the view from most experts to talk to. the only question is to what degree do you pare back? if you're the head of a family and right now we were planning for your family's future, planning for this week, this month, what you're looking at are two things in your budget -- income and expenses. if you make enough money, you can spend enough money. if you spend more than the make, you have to borrow by putting it on your visa or mastercard. right now, the u.s. is trying to pare that down. you go out and find another job, raising revenue, or you cut spending, like vacations planned in the future, or a combination of both. if the fiscal cliff happens, what you have in essence are tax is going higher, more of you
of the fiscal cliff negotiation may really ride on that point. now at a white house briefing they need to double down on the long held belief households with income above 250,000 dollars must pay a higher rate. they are open to higher taxes but they are pushing the idea of eliminating deductions for high income earners. >> we will continue to wait on the president and hope he has what it takes to bring people together and forge a compromise. if he does we will get there and if he doesn't, we won't. >>> it's that simple. >> president obama is going to meet with the carefully selected group of business leaders to get their input. how the republicans will do the s same. there will be little room for compromise. >> they once again urged the senate to pick up the house passed bill extending the hacks breaks for millionaires and billionaires. as president the senate has considered this bill. we jeekted it on a bipartisan basis. it was load down in this congress. >> republicans are looking for some willingness on the part of the white house to cut spending or maybe tackle big costly entitlement problem
and elsewhere, turned toward the fiscal cliff. the reality is this: if we have a recession in 2013, it is going to hit everybody. unemployment will go up, earnings and net worth will all go down. as people start to realize that, they are going to become more concerned and they are likely to hold back. > it is interesting though, people are going back to basics and paying down their debt, so i guess that's the silver lining in all of this. > > yeah, actually, debt burdens are the lowest that they've been in almost 20 years relative to income; so yes, we have made some substantive progress in that area. > good to have you on the show. that's greg mcbride of bankrate.com. have a good day. > > thank you angie. up next, is the shine on or off tiffany & company? chart talk is next. matt shapiro, president of mws capital, joins us now for some chart talk. good morning to you matt. it feels like you have to be nimble in this market and make the correct stock choices. what are you choosing? > > i agree, and obviously i am sticking to my game plan i have talked about on this show for several years here,
bernanke is pushing for a compromise on the fiscal cliff. in a speech tuesday he said if president obama and congress can resolve the crisis unemployment would go down and the economy would grow. falling oil prices and an announcement that hewlett packard is taking a $9 billion write down. the dow lost just over seven points while the nasdaq was mostly unchanged. shares of home builders rallied on news that home construction jumped in october to a four year high. construction of apartment buildings was especially strong up 10%. and it looks like hostess's twinkie is cooked. the snack maker failed to reach mediation session. on monday a bankruptcy judge asked the two sides to meet. no agreement in place the judge will decide today if the maker of ho-ho, ding dongs and wonder bread can shut down their operations. hopefully other companies will swoop in and make those treats. >> it ain't over. you can't hold the twinkie down. >> i'm not sharing. >> ashley morrison here in new york. in sports this morning the lakers get a new coach and get a win. mike d'antoni made his debut as the lakers ne
of this week, and things are slowing down and we're looking at a potential fiscal cliff stalemate. >> desmight republicans to put higher tax revenue from the wealthy on the table, democrats are scoffing. he they talked happy talk about are skofg.t we only have a auple of weeks to get something ouple of we have to get away from the happy talk and start talking aout specific things. dent obama hasbama has no new witht talks scheduled with congressional leaders but will cong phila suburban philadelphia aiday to press for an immediate bushto extend bush era tax cuts for m ers.blicans call that agningless electioneering. >> we congratulate him on his re-election. we don't know if he has enough todership qualities to push democrats. >> cost savings to health care aregrams like medicare and medicaid. everyry dollar that's ever been secured for anything is sacred. to they'll defend it to the wath, regardless of what it means for jobs or the economy. > a tough white house ally, nglinois senator dick durbin argued against using fiscal cliff pressures to scale back paidare and medicaid benefits. >> these
questions. get started at legalzoom.com today. and now you're protected. morning is about the fiscal cliff, it is getting very, very close. no meeting planned for this week between the president and congress, and that may be the negative which pushes the dow down. we're off and running. the opening trend is to the down side and just around 13,000, that's how we came out of the thanksgiving holiday and now it's at 12,990, down 20, 30, nearly 40 points in the the very early going and that's the way we expected it and as you know, it's cyber monday and on-line sales today expect today hit 1 1/2 billion dollars, maybe more. and nicole, let's look at the biggest on-line retailer of them all, amazon, where is it? >> that's right, a pure play on-line retailer and that's amazon, that's the winner today and it has an up arrow and we obviously saw the weekend kicking off with shopping for the thanksgiving holiday sales and 59 billion, black friday, jn line sales over 1 billion and when you talk about on-line retailers and versus brick and mortar stores, on-line retailers have done so much better. up
their pencils down. we're seeing volume, meaning who's trading. very low ahead of the fiscal cliff. and even though as you mentioned sentiment is that it's very unlikely that we will fall off the cliff, the market as i said, likes to be optimistic. they like to play the bull. and if we do end up falling off the cliff, it doesn't just affect defense spending. corporate ceos across the board are simply not spending money. they're not expanding. you're seeing capital expersondy turs. we could fall into a recession if, in fact, we fall off a cliff. most people don't think we will. we're really seeing no true signs of congress beyond a headline here, a headline there. >> as we've seen in this market time and began, what goes down always goes back up when it comes to wall street. even if we do see big drops leading up to a deal. >> absolutely. just today we spoke with a chief strategist this morning on bloomberg who said the stocks look cheap here. you should get ahead of the fiscal cliff, which we're not going to fall off and buy. this is a buying opportunity. but it's a buying opportunity if you
believed lawmakers could arrive at a framework of a deal to avoid the fiscal cliff. one analyst said we're all on pins and needles waiting for every bit of news or rumors coming out of washington. the dow is up 79. the nasdaq is up 14. s & p is up 7. >>> 400,000 unemployed californians are also closely watching the fiscal cliff negotiations in washington, d.c. that's because emergency federal unemployment benefits are due to expire december 29, unless congress extends them. in california notices of the possible loss of benefits are in the mail this week. >>> powerball ticket sales are soaring today as the clock ticks down to tonight's drawing of a record jackpot. people all over the country are joining the rush to get rich. the powerball pay off has ballooned to more than $550 million. it's still growing. there are no powerball tickets sold in california. one of eight state that is don't sell powerball tickets. many are are relying on out of state friends to buy them a ticket. others are taking a trip to oregon to buy their chance at the good life. >>> today, a live look outside shows t
knew about this problem with the fiscal cliff since last july/august of 2011, and here we are on the eve of going off the cliff. >> i think part of the problem is -- see, i still disagree with the fundamentals of what people are calling the fiscal cliff. is the fiscal cliff cutting spending? the sequester? i don't think it leads to economic harm to cut spending. that's what we should be doing. the other half of the fiscal cliff is taxes will go up. i don't want them to go up. if you raise taxes on the top 1%, that's 50% of the nation's fiscal income. if you don't think raising taxes in a recession is a good idea, why would it be a good idea to raise them on anyone? >> greta: so do you think going off the fiscal cliff would necessarily be a bad thing? >> it would be a bad thing to raise taxes. it doesn't make sense to me. i don't accept that cutting spending is bad for the economy. i think cutting federal spending, which means less borrowing up here, is go for the economy, but i do think taxes going up is a bad thing for the economy. i agree with half of the equation of the
's an approach to take you off the fiscal cliff. i think what the president is doing, what the speaker are doing what, did they do over the weekend? they talked together over the phone. did you see them sitting down at a table together? you saw them shaking hands. you watch the president -- or you watched the speaker right after the election and say here's revenues. we want to continue tax rates, but you need revenues. republicans are putting revenues on the table. where are the cuts to government to gets us to solve the problem? if you just do the tax rate, you don't solve anything. gout to bring more revenue n but at the same time you got to control the spending of government. that's the best way to solve the problem once and for all. >> greta: what's your position on raising tax rates on the very wealthy? >> i don't think the tax rates solve the problem. >> greta: does that mean a no? >> revenue. we'll give you more revenue by closing loopholes. >> greta: does that mean no the tax rates? >> you want to solve the problem. i'm tired of just saying -- look, if you do the tax rates, that gets you
't provide a will the of benefit to the economy. when tackling the fiscal cliff, we should ask ourselves, which are the most ineffective things. >> keep thinking, guys, that down the line here, the chorus over and over is going to be we all pay more and all get less. thanks for being here. we appreciate it. >>> thousands of people paid a lot to do cramming into stores everywhere. you might even be watching this on a new tv, but retailers needed more than hype. they needed red hot cash registers on this black friday. we'll tell you how sales added up today because a lot of jobs are counting on it. in just a few weeks after mitt romney's defeat, the gop is already looking forward to 2016. say it ain't so and there's another bush on the horizon. plus, we're following news of a massive gas explosion in massachusetts. take a look. we'll have details just ahead. >> hi. >> you know, i can save you 15% today if you open up a charge card account with us. >> announcer: we all love a good deal during the holidays, especially identity thieves. they can open an account in your name and go on a seriou
.2% that they had thought earlier. the fiscal cliff being, you know, something that really helped the stock market last week. >> i would imagine. >> don't screw up. >> please, congress, don't mess this up. let's take a live look this morning at the capitol dome where congress is back to work this week. s fiscal cliff staring them in the face. 35 days, we go right over that cliff or right down that slide or whatever the metaphor is we're using today. politicians on both sides of the aisle are now signaling that they're willing to compromise. that includes republicans who've been softening their stance on raising taxes. senator dick durbin, democrat from illinois, weighed in on abc's "this week." >> from my side of the table, bring entitlement reform into the conversation. social security sed aside. doesn't add to the deficit. but when it comes to medicare and medicaid, protect the integrity of the program but give it solvency for more and more years. >> congressman bill pascrell is a democrat from new jersey. thank you for talking with us. >> soledad, how are you this morning? >> i'm really well, t
off the fiscal cliff. this is "special report." ♪ ♪ >> bret: good evening. i'm bret baier. is it a negotiating ploy or really what president obama beliefs can happen? the president may be going down a new path tonight in deficit reduction efforts. it's a path that is sure to lead to many obstacles from the other side. chief white house correspondent ed henry has the new developments in a time sensitive story. >> in a dramatic move today, president obama seemed to be trying to split the budget talks to two pieces. suggesting he and lawmakers come up with spending cuts next year after they avoid the fiscal cliff, by extending middle class tax cuts and raising taxes on the rich. >> it would give us more time than next year to work together. on a comprehensive plan to bring down the deficit, streamline our tax system. do in a balanced way. >> the president apparent shift away from spending and tax altogether now in a big deal could increase the chances of a market rattling fall off the cliff. since the republicans want spending cuts included. >> republicans are willing to put
tomorrow. and with 35 days left, as john just reminded us, before we plunge down the fiscal cliff, two prominent republican senators, lindsey graham and saxby chambliss are signaling they are willing to give a break the no tax pledge. that is a hopeful sign, folks, because a new cnn/orc poll shows more than two thirds of americans believe a trip over that cliff would create major problems, perhaps even a crisis. cnn political editor paul steinhauser is live from washington, d.c. this morning. nice to see you, paul. so the fiscal cliff triggers back-breaking tax hikes and massive spending cuts. you've got more numbers that show what type of budget plan americans actually prefer. >> exactly. one of the big arguments, zoraida, is should it be all spending cuts to get us there or tax increases, as well? brand-new numbers just out from cnn/orc. only about one in three say whatever deal should be struck should be just spending cuts. but almost seven in ten, two thirds of americans say the plan should include spending cuts and tax increases. our poll indicates americans are not so optimistic
the big numbers. >> in addition to the fiscal cliff, some big vacancies coming up in the president's cabinet the state department, the treasury, even the cia, the general petraeus scandal, three vacancies now. >> and there's likely to be more shuffling in the president's cabinet. the president has signaled is favorite likely to be u.n. ambassador susan rice for secretary of state, she's faced a lot of opposition in house this week, republicans signed a letter not to appoint susan rice. the president hasn't made a final decision yet. if he went for it, despite this controversy over benghazi, he would get her through the senate. the top guy to replace timothy geithner, is jack lew. >> slightly less serious note we would like to hit, apparently some head shaving on the broadcast this morning. >> the first on "this week." this is a great story. the top spokesman for both of the democrats and republicans, whoever lost the election would shave their head. this is sean spicer was supposed to shave his head. the rnc spokesperson. jon karl is doing the honors. >> he has no credentials. >> l
shares are still down about 30% from the initial public offering back in may. >>> with the fiscal cliff edging closer, the white house took a hard line, insisting they have to rise from affluent americans and many more delays could hurt hol dha roadway tail sales. >> the senate will come to order. >> back from thanksgiving, senators are on the sidelines. >> really we have to make tough decisions. >> the house has the ball. >>> i don't care if you raise taxes 100% on the wealthy. you're not going to fix the deficit prap. >> the republican leader is talking about it. but republicans are open to new rev new because of the new reality. >>> well, the president got reelected and we know at the end f this year taxes are going up on everybody. >> republicans say if the rich do pay more it should come only by reducing their tax deductions. democrats still insist on a rate hike on the rich. >> the president has made clear that he will not sign a bill that extends the bush era tax cuts or those making more than $250,000. >> billionaire warren buffett, an obama ally, again with a rate hike on the r
the fiscal cliff. it will be such a crazy ride. new developments are being made, baby steps. a detailed progress report for top congressmen coming up next. and can really boost gdp by 5 billion just by paying retail workers a bit more? one report say yes. we will see of th if the math a. somebody is here to disagree with me. we will be right bac messa: lawmakers in washington hoping to avoid going over the fiscal cliff. each party is putting together a plan to submit to the president. are they making progress? let's ask texas republican congressman kevin dy, a member of the house ways and means committee. thank you for joining s. give us the truth. making any progress? >> at think we are. republicans understand the seriousns and urgency. to that end we have reached across the table to the outline a plan for increased revenue and stronger economy focusing on a much better and simpler tax code. what is missing in the equation, the balance is authentic spending cuts. waiting for the president to outline that times and spending cuts. sends a signal to the market and investors that america i
. thank you. >> all right. we started 100 points down. we finished 100 points up. bob, it's a fiscal cliff soap opeon on the -- opera on the street. >> we dropped about 10:00. we had disappointing october new home sales. that was one little disappointing piece of data. we rallied about 100 points after 10:00 p.m. john boehner, speaker of the house, said he's optimistic a deal could be done. we rallied another 70 or 80 points at noon as president obama said he was trying to make a deal on the fiscal cliff by christmas. that's what the market wants to hear, they want a date. then we had a little bit of move towards the close as we heard qe-4 may be coming at the next fed meeting. that would be no surprise. we've been talking about that for a while. take a look at housing stocks. they did not participate in the rally. unusually down beat news here from the october new home sales. september revised to the downside as well. i think the problem here is the inventory of new homes is very limited right now in a lot of parts of the country. that limited the up side. retail stocks had a good day. ex
mccain. it is a fox news sunday exclusive. >>> then, with the loom fiscal cliff, is it casting a shadow over shoppers and investors this holiday season? visions of bargains are dancing inned the of consumers but will the possibility of higher tax slow them down? we'll talk with matthew shay of the national retail federation and john sweeney of fidelity investments. plus the holiday is over and the white house and congressional leaders try to make a deal. we'll ask our sunday panel if negotiators can reach a compromise to avoid the fiscal cliff. and a thanksgiving tradition, our power player of the week has me dancing with turkeys. all, right now, on fox news sunday. ♪ >> chris: and, hello again, from fox news in washington. on this holiday weekend, we are watching several major foreign policy developments from egypt, to gaza. to the continuing controversy over the benghazi attacks. here to talk about it all is senator john mccain, and, senator, welcome back to fox news sunday. >> thank you, chris, dancing with turkeys? >> chris: you have to wait until the end of the show to s
best look away before we cross the fiscal cliff. >> you don't want to think more than you really do that's when you rally run into trouble. >> reporter: in san francisco, noelle walker, ktvu channel 2 news. >>> a hewellet packered filed a lawsuit over the purchase of autonomy. the investor accused hp of knowingly making misleading statements about the deal and the $13 billion purchase of electronic data systems. hp stock has lost half of its value this year. the lawsuit could become a class action lawsuit involving all hp shareholders. >>> reducing the risk of pregnancy, the call to put emergency contraception into the hands of teenagers before they need it. >>> tracking dense valley fog right now and then we're going to move on to the computer model and track the rain. >>> a memorial to veteran, and what happened just hours aftercrews cleaned it up today. >>> vandals defaced a vietnam war memorial in concord shortly after city workers had cleaned it up. the concord city workers said it saw an online blog about the graffiti and sent a crew to clean it up. >> report it to us, we fou
down. >> reporter: wells capital management shwasburg says best look away before we cross the fiscal cliff. >> you don't want to think more than you really do that's when you rally run into trouble. >> reporter: in san francisco, noelle walker, ktvu channel 2 news. >>> a hewellet packered filed a lawsuit over the purchase of autonomy. the investor accused hp of knowingly making misleading statements about the deal and the $13 billion purchase of electronic data systems. hp stock has lost half of its value this year. the lawsuit could become a class action lawsuit involving all hp shareholders. >>> reducing the risk of pregnancy, the call to put emergency contraception into the hands of teenagers before they need it. >>> tracking dense valley fog right now and then we're going to move on to the computer >>> vandals defaced a vietnam war memorial in concord shortly after city workers had cleaned it up. the concord city workers said it saw an online blog about the graffiti and sent a crew to clean it up. >> report it to us, we found it on a local blog. so staff noticed it. we went out
its act together on the fiscal cliff but a deal may finally be in reach and senator john barrasso joins us with an update. that is coming up next. >>> plus a sixth straight day of protests against egyptian president morsi. we'll tell you how his most powerful opponents are now planning to rein him in. more "money" coming up. ♪ ♪ . melissa: and now, to the fiscal cliff. things seem to take a 180 as news out of the white house indicated progress, made. earlier senator orrin hatch said both sides were about 23 dal billion away from a deal. that sounds like a lot. in washington that is nothing, going over the cliff. we were looking more than 600 dal billion in tax increases and spending cuts. wall street was pleased what they heard today. the president is meeting with top ceos as we speak. make of that what you like. with his take, wyoming senator john barrasso. thanks for coming back to the show. we always appreciate your time. >> thank you, melissa. melissa: what do you think? are we getting closer? to me 23 dal billion, that is a little money. but to you guys that is coins in t
in the white house and making nice. but i wouldn't expect any advance on the fiscal cliff to come out of that. >> dana milbank, clarence paige, thanks very much. >> thank you, chris. >>> another story that won't go away. tampa socialite joe kelley, the woman at center of the e-mail fiasco with general petraeus and allen, she's fighting back. her high-profile lawyer released some of her e-mails and phone calls and abbe lowell says they prove she didn't do anything wrong and she was never more than friends with either general. he also says he will sue if there are any more leaks. he blames the feds for this information coming out in the first place. now, at the same time, the "new york times" is reporting that the investigation into general allen is now focused on between 60 and 70 e-mails that he did exchange with allen, and they say, quote, they bear a fair amount of scrutiny at least according to one defense official. ecipe from stouffer's starts with ground beef, unions, and peppers baked in a ketchup glaze with savory gravy and mashed russet potatoes. what makes stouffer's meatloaf best of
trouble for h-p. plus, traders are placing bets on the fiscal cliff. find out how the odds are stacking up. first business starts now. you're watching first business: financial news, analysis, and today's investment ideas. good morning. it's wednesday, november 21st. i'm angela miles. in today's first look: turkey tracks - trading volume is expected to be lighter than normal toward the end of the session as traders head home for the holiday. yesterday trading was a mixed bag of small gains and losses with the exception of oil, which fell $2. fed chair ben bernanke is urging lawmakers to strike a deal on the fiscal cliff sooner rather than later, otherwise the nation will return to recession. the obama administartion formally proposed new rules on healthcare, including requiring coverage for pre-existing conditions and minimum health benefits for millions. and in earnings after hours, salesforce.com rallied on better-than-expected news, while the zale fell 10% as the company lost some shine on earnings. larry shover of sfg alternatives joins us now. those reports larry of cease-fire coming
'll try to use that in the fiscal cliff negotiations to put the health care provisions and try to water them down. the business owners who are against it are going to use this leverage saying it's costly for us. we'll pass it on to employees. to troy to sort to sway public opinion. i think the obama administration on the other hand will do their own campaign to get the word out and for those supporters and uninsured who support this, here's how you sort of lobby for it. i think it's going to be in the next battlefront. >> but if you think this is sort of an anti-working class vendetta, david, what are the likelihoods of these job actions being successful in stopping this? >> i don't know they're going to be able to stop it, but i think that it's a really complicated issue. we had an interesting story the other day who said the vast majority of people eligible for the health care reforms don't understand it. this is a problem that i think the obama administration faces. they'll have to go out and make a better opportunity in terms of publicizing what these changes mean, exactly how it af
] >> good afternoon, everyone. as we head into the fiscal cliff negotiations, my advice to the president would be -- seems like our friends on the other side are having difficulty turning off the campaign. we need to sit down and work this matter out. i think we have a clear sense and opportunity here at the end of the year to do something important for the country. we all know that the most critical steps to be taken are to save the entitlements, which are on an unsustainable path to bankruptcy. there's no better time to begin to fix that problem than right now. so i would hope our friends on the other side can kind of turn off the campaign and get into a cooperative mode here to reach a conclusion. which leads me to make a further observation about how unfortunate it is that the majority leader has chosen to create an extraordinary controversy here in the senate right here at a time when we ought to be encouraging maximum bipartisan cooperation, about threatening to employ the nuclear option, which is to break the rules in order to change the rules of the senate. i hope cooler heads wi
down one of the rings and push it to the side and you have got the fiscal cliff going on. you've got issues that have to do with egypt, foreign aid to egypt. you have gaza. why do you want to have another ring there? and start dealing with this confirmation battle which is as wolf pointed out earlier the optics of a confirmation battle with susan rice. african-american woman. two groups that the republican party did not do very well with i might add in the last election. >> acknowledging they need to do better. >> i don't mean to impugn john mccain or lindsey graham for criticizing her. i think they have their reasons and nothing to do with anything other than benghazi butoptics i republican party is looking for right now. >> something you can't ignore. >> right. >> see what kind of diplomat she is. i've known her for 20 years. worked in the clinton administration. traveled through africa with her. she's tough, smart. let's see how diplomatic she is meeting with john mccain, lindsey gram, the other republicans. >> you know what? john mccain i would have to say likes tough women. gets
down and solve this problem and avoid -- save us from going off the fiscal cliff. which, of course, requires both sides to be willing to compromise. do you think republicans are ready to? >> i think that we've seen some shifts. i think that they've been sending certain signals out. that they're willing to change. and first and foremost, they're beginning to question the power of grover norquist. finally! maybe his house of cards will come tumbling down. >> bill: are they really though? because when i listen to them, right, they say yeah, we need -- we accept that we need new revenue, right. but we're not going to raise the -- we're not going to let the bush tax cuts expire. we're not going to let rates go up on the wealthiest of americans. aren't they trying to have it both ways? >> i think they are. but the fact that they've vocalized the word "revenue" for the first time and they also are not qualifying it by saying that it has to be revenue neutral there has to be an equal amount of cuts, you know,
. the report blames the economy concerns and the reports on the fiscal cliff. >>> and you can call cobbler the most lucky turkey in america, after receiving an official pardon by president obama. like many other turkeys heading for the oven, he is retiring to the mt. vernon home. >> thank you very much, suzanne, we'll be right back. with verizon. hurry in this friday for great deals. like the droid razr by motorola in cranberry, free. or a white 7-inch samsung galaxy tab 2, just $99.99. this friday, get the best deals on the best devices on the best network. exclusively at verizon. but don't just listen to me. listen to these happy progressive customers. i plugged in snapshot, and 30 days later, i was saving big on car insurance. with snapshot, i knew what i could save before i switched to progressive. the better i drive, the more i save. i wish our company had something this cool. you're not filming this, are you? aw! camera shy. snapshot from progressive. test-drive snapshot before you switch. visit progressive.com today.
." ♪ melissa: first, let's take a look at the day's market headlines. fiscal cliff years made a comeback and strong retail sales are not enough to offset the concern. the dow closed down 42 points. facebook shares some other best in four months. two formerly bearish analysts upgrade their outlook citing increasing revenue from mobile ads. and as our own charlie gasparino first reported, mary schapiro stepping down as chairman of the sec. officially leave office on december 14th. she ran the securities regulator for nearly four years. president obama will appoint current sec commissioner to run the agency. all right. now to our top story. warren buffett support for raising taxes on the rich takes a controversy in its turn in an op-ed in today's new york times. the billionaire investor says let's forget about the rich in culture ridge. income is increased. forever for see investment of the charities. so buffett is on target with this. raising taxes on the rich actually have no affect on their investment behavior. let's bring in scott martin, chief investment strategist and founder and ceo
to campaign mode as the white house decided to lobby for public support of his fiscal cliff policy positions rather than negotiate a compromise. president obama believing he won a mandate with 51% of the popular vote in last month's election. sitting down today with small business leaders at the white house meaning tomorrow with the ceos of larger firms and middle class taxpayers, and then a true campaign-style rally held in a toy factory on the outskirts of philadelphia friday where the president continues his christmas themed attacks against republicans and their positions. a meeting to hash out a deal with congressional leaders not on the president's schedule as of this moment. we'll take all of this up here tonight, and republicans taking action to resolve at least part of the illegal immigration dilemma, a strong moderate alternative to the democrats' dream act proposed, a dramatic republican pivot on the issue led by two outcoining republican senators who, today, introduced the achieve act. senator hitchenson of texas works on the legislation for almost a year, among our guests here to
million last year. the report mainly blames the slow economy and concerns over the fiscal cliff. wrr. >> call calder the luckiest turkey in america, after receiving an official poardon from the president. >> we'll be right back. with verizon. hurry in this friday for great deals. like the droid razr by motorola in cranberry, free. or a white 7-inch samsung galaxy tab 2, just $99.99. this friday, get the best deals on the best devices on the best network. exclusively at verizon. [ male announcer ] a european-inspired suspension, but it's not from germany. ♪ a powerful, fuel-efficient engine, but it's not from japan. ♪ it's a car like no other... from a place like nother. introducing the all-w 2013hevrolet malibu, our greatest malibu ever. ♪ of green giant vegetables it's easy to eat like a giant... ♪ and feel like a green giant. ♪ ho ho ho ♪ green giant side by side so you get the same coverage, often for less. that's one smart board. what else does it do, reverse gravity? [ laughs ] [ laughs ] [ whooshing ] telle about it. why am i not going anywhere? you don't believe ha
and concerns over the fiscal cliff. >>> you can call cobbler the luckiest turkey in america after receiving an official pardon from president obama. unlike millions of other turkeys heading for the oven, cobbler is retiring to george washington's former home at mt. vernon. anderson, back to you. >> susan, thanks very much. we'll be right back. [ male announcer ] itchy dry scalp? get selsun blue for itchy dry scalp. strong itch-fighters target scalp itch while 5 moisturizers leave hair healthy. selsun blue. got a clue? get the blue.
is -- there are multiple variables. it's not just the fiscal cliff. our economy is interdependent, we are dependent on europe and china and those economies are slowing down. inevitably, there is going to be job losses and those losses will lead to fragment. then there's the fiscal cliff. some countries will realize if we don't stop borrowing or start paying off the debt, they will stop lending. i think i agree with bernanke. i don't know if we can truly prepare if it's going to happen, as individual people. some people live paycheck to paycheck. those people might not be able to do well if that does happen. host: we will go to frankie on the republican line from virginia. thanks for joining us. caller: yes, as far as the fiscal cliff, i was wondering about maybe raising taxes. q. what are they planning on cutting? i live paycheck to paycheck. i was curious as to what people are planning on cutting instead of just raising taxes? host: you said you are living paycheck to paycheck. are you doing anything to prepare in case the u.s. goes off the fiscal cliff? caller: just try to work to make a living.
that will get us past the fiscal cliff. they will open themselves that they are kicking the can down the road. what they want to do is have longer-term negotiations about the big cuts. and brad was talking about potential increases for concessions in terms of actual tax revenue. that's going to take a long time. they're not going to get it done in the two weeks that they have before the start of the year in the fiscal cliff. so they will make some deals about extending the tax cuts in exchange potentially closing some loopholes you say the problem is not from the republicans, he could get more pressure from the right. he has been meeting with people like the unions, he has been meeting people with some of the liberal groups that have come in and said, you know, he doesn't have another election coming, but they don't them to be sold out in order to get a deal and avoid the fiscal cliff. he wants them to put pressure on republicans. the pressure is actually coming from the left on the president. i don't think it's getting much attention from the press. if the president does anything they don't
are three revenue-raising provisions that a pledge signer can vote for in a fiscal cliff resolution? >> sure, the top marginal rate from 35 down to 25 you would have great supply-side effects. european average is 25. we are at 35. the canadians are at 17. they are not hemorrhaging cash. they are doing better. lower marginal tax -- tax rates count, lower capital gains tax count. obama taking the death tax up to 55% after a million dollars. you do not have to be rich to find your house increasing in value, and working for 50 years, having money saved up in a 401k and other places. supply-side tax reductions certainly count. selling assets -- you talk about the defense department sitting on a whole bunch of spectrum that it ought to make available and sell. a lot of assets you can sell. there is land you consult. a whole bunch of oil in the ground if obama gets out of the way of drilling on federal land rather than making it difficult. drilling for oil and natural gas on federal land has declined under obama. he says, look at all of this new drilling and natural gas. on private land where you c
to tackle the tough fiscal cliff and make decisions about taxes, spending, and budget cuts. states are looking at how they can be affected. a question for you this morning, whether states should have a say in budget talks. here are the numbers to call. if you can also find us online. here is the headline in "the new york times." the pew center has a new study out called "the impact on the fiscal cliff on states." here is what it says. we would do more into these and how they will specifically affect states on an individual basis. there is a question on whether the fiscal cliff would hurt. it says -- our question for you this morning is whether the states should have a stake of in negotiations. looking more in the story "the new york times." it says -- some of the benefits states could receive, nobody is retained that president obama and republicans in congress will fail to reach an accord because they feel -- they fear that the resulting combination of spending cuts and tax increases could prompt another recession, which their states can ill afford. let's go to houston, texas and h
if there is no real spending cuts, they will go off the fiscal cliff, don't think republican!!therepublicans willl without spending. melissa: maybe we will raise taxes now on folks and make a promise down the road to get back together in six months or so or talk about spending cuts somewhere down the road. that would be frustrating to a lot of republicans, do you think they would take that deal? speak i understand the chances of winning the lottery are better than getting the cuts in the future. if they don't get an agreement right now that is firm and real. lori: had to get something specific, not just cut and number, and it turns out like this come in th and the situatih his exploding deadline and may be a number but no specifics in my mind it ends up not happening. >> they can take a framework, but the left tax increases there will be. there will be a tipping point somewhere to get a deal. one thing nobody mentions, the president glossed over this morning. taxes are going up no matter what thanks to obamacare there are surcharges that are not on the table. tax rates are going up regardless of w
lee. >> you wrote an op-ed. while washington is preoccupied with the so-called fiscal cliff, little attention has been given to the fiscal avalanche that will occur if we continue down an unsustainable long-term path causing markets to turn sour on u.s. debt and leading to a spike in interest rates. you're looking at the very long-term picture. they're just trying to get a little budget deal done here. you're real worried about if they don't do this right now what it means for the longer term. tell us about that avalanche. >> the thing about the cliff is we know exactly when it's coming. you can see a cliff. you can see when you're going to hit it. an avalanche is a little bit different. when the conditions are there, when it might happen. but you have no tiechling as to the exact moment that it's going to occur. and so that's what we need to be worried about. there will come a moment at some point in the next few years when people will no longer buy u.s. treasury instruments. at least not at these unbelievably low rates we have today. once that trend starts to reverse itself we'll
recession. >> absolutely. so the fiscal cliff is a contraction in the government imposed into the economy of 45% of gdp. on the first order that will hit and reduce economic growth from 2 percent down some-1,-2 very easily. lou: in your judgment would be helpful, profoundly helpful for congress and this president to agree that there will leave everything, create a status quo for negotiations on a reform of the tax code that would take place over the course of six to nine months next year and hold in abeyance any changes just simply stopping, for the first time in some time ever, congress and our president actually think through public policy. >> absolutely. tax-cut reform on the one hand, and salomon reform on the other. if congress and the president move in that direction it would be a very, very positive signal that the political process is actually functioning. lou: a real quickly, we're out of time. some symbols, reasonable template. >> i think it is. lou: thank you for being here. president obama's reelection reigniting the debate about illegal immigration. what a republican ship on
attack. the arraignment was postponed. >> keeping our eyes on wall street with the fiscal cliff coming up at the end of the year weighing on investors. good news there was a rise in consumer confidence as well as home prices. the dow is off 25 down to 12,942. a quick break as the prime news continues until 10:00. a live look from our roof camera and sam francisco. we are watching this fog slowly roll. >> 8:39 a.m. and three republican senators met with the ambassadors susan rice saying they're more trouble now over her explanations over the deadly september 11th raid in libya. price met behind closed doors earlier this morning with senator john mccain and kelly coyote. rit st. she made comments five days after the raid and the comments were made based on intelligence surveillance. she still has to answer questions about that attack. >> video coming out of europe, angry farmers dousing police with thousands of liters of milk. this is in brussels. there exceupset about quotas. farmers across europe are taking a stand against parliament and blocking traffic along brussels busy streets. the
. what are the key questions on consumers this is how much the fiscal cliff ends up hurting them and their psyche moving into the holiday season. are they secure in their job and secure about their income? finally, getting the right savings rate right and the right debt level. are they willing to take on more debt? key questions, maria, but also better economics heading into this christmas season. back to you. >> steve, thank you so much. as shoppers prepare to flood the malls, which retailers will be the winners and losers? let's bring in our guests. good to see you both. thank you so much. break it down for us. who will come out again and shop and spend money this weekend? >> you bet. don't ever forget that black friday is all about sheer entertainment for the consumer. she loves a great deal. the retailers are absolutely going to deliver this year. so you're going to see a very deal-oriented consumer this particular weekend and on friday. but we're very optimistic. >> courtney, what are you seeing? the earlier shopping hours, is that helping? >> a lot of analysts think it will
, but those conversations should not be part of a plan to avert the fiscal cliff. durbin never said those remarks. he left that out. he later said he stood by those comments, and he did argue that medicare shouldn't be part of any up front down payment on the debt but part of the next year's long longer term negotiation. now while the short term talk to republicans may be tough, the longer term message to liberals is clear. entitlements in some form or fashion will need to be on the table. that means medicare. and a new "washington post"/abc poll shows just how politically tough making any changes to medicare will be. across party lines respondents said they are opposed to increasing the medicare eligibility age to 67. overall, a familiar number, 67% oppose any change in the eligibility age. just 30% would support a rise in it. one more thing that's become very clear. democrats will extract a deal -- they would like to he can tract a deal object the debt ceiling during negotiations on the fiscal cliff. and apparently in the conversations that the president had with the house republican le
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